Modernizing Omnichannel Check Fraud Detection

Rob Rendell, Global Head of Fraud Market Strategy & Fraud Prevention – Subject Matter Expert at Nice Actimize, offers a detailed overview of First-Party Fraud and Mule Activity, two unnervingly popular scam methodologies. First-party fraud (FPF) is when the fraudster doubles as a customer. Fraudsters will open accounts for the specific purpose of executing their…

Predictive Intelligence has emerged as a valuable tool against fraud Even with many new payment methods available, checks remain popular fraud vehicles Predictive Intelligence anticipates the risk of fraudulent payments Payments Journal reports that Predictive Intelligence has emerged as a valuable tool for financial institutions in their efforts to mitigate fraud attacks on payments. Unfortunately,…

Frank Albergo, National President of the Postal Police Officers Association, recently reposted via LinkedIn an item found by David Maimon, Professor at Georgia State University and Head of Fraud Insights at SentiLink. As Mr. Albergo relates: Crime evolves and criminals adapt. Obviously mail thieves want to avoid detection and arrest. A United States Postal Service letter…

CNN reports that the US Treasury Department has begun using artificial intelligence — or AI — to detect fraud and recover funds, adopting techniques already widely used in the private sector. Starting around late 2022, the Treasury Department began using enhanced fraud-detection methods powered by AI to spot fraud, CNN has learned. The strategy mirrors…

“Check cooking” is on the rise Florida’s Attorney General has issued a warning Initial investment for deposit fraud is surprisingly low Florida’s Attorney General, Ashley Moody, recently issued a warning about a digital check manipulation or “check cooking” scheme where fraudsters alter stolen checks to change the payee and payment amount. The warning comes in…

Like many clubs or societies, fraudsters have a language all their own Some slang terms are obvious, while others are very oblique A valuable online Fraud Glossary resource is growing by the day People who share a common hobby or vocation often have a “lingo” of their own that they use to streamline communication and…

The latest Frank on Fraud blog explores Scam Interdiction, a practice that is currently in use all over the world and may be coming to the US. Simply put, Scam Interdiction is the use of AI and other tools to pause or decline suspicious transactions in real-time before any money is lost. Frank on Fraud…

The Dark Net is emerging as a supplier for fraudsters Dr. David Maimon shares his insights into the Dark Net ecosystem A proactive approach to rising fraud cases is recommended OrboGraph’s Joseph J. Gregory and Dr. David Maimon recently discussed the Dark Web or Dark Net, which is becoming the supermarket for fraudsters looking for…